LONDON’S SUPER PRIME RENTAL RENAISSANCE

with Izzy Birch-Reynardson, Head of Savills Super Prime Lettings

north of £5,000 per week - are kept offline. This is largely down to vendor and tenant discretion, and enhancing security for clients as there’s no digital footprint to be left behind.

Some clients believe they will get a more committed tenant, by keeping things discreet while others simply want to test the water. That being said, the relationship between clients and the agent handling the tenancy is also key. Once an agent understands the requirements for the tenant and landlord then they will make sure that suitable homes are put in front of them to consider.

Something to emerge this year is the selective and more considered approach that tenants are taking when it comes to finding their next rental property. During the pandemic there was more of a scattergun approach to viewing and finding a property, but this has since subsided and now clients are viewing fewer properties that fit the brief.

When it comes to tenant wish lists, security and proximity to schools have long taken centre stage. Interestingly, swimming pools have had a bit of a comeback in more recent months. Many homes at this level come with a home gym of sorts, but there are fewer with a pool, so this adds a degree of exclusivity.

Generally most want a lease of two years or more, but we do see tenants enquiring for short term lets, particularly during the summer season and when Ascot, Wimbledon and Chelsea Flower Show take place.

Whether it’s a short or long lease, around 85 per cent of demand is for fully furnished turnkey properties. Where once the first choice for those with the means may have been an extended stay in a hotel suite, most now favour a rental property due to a combination of enhanced control, personalisation and lifestyle factors. Clients enjoy the convenience of having a full wardrobe of clothes they can leave behind in order to travel light, hanging their favourite piece of art on the wall for that homely feel and having informal, private spaces to entertain friends and family. This goes hand in hand with the fact that tenants, both domestic and international, are more transient than ever.